The White House has revealed that David Sack, Trump’s AI, Crypto Czar and his venture craft venture have sold over $200 million in crypto assets and related holdings before taking on his new role. At least 85% was personally due to the bags.
The revelation was published in a memorandum dated March 5th, granting the bag a limited ethics exemption to participate in digital asset policy issues.
“Overall, you and craft ventures have sold over $200 million positions related to the digital asset industry. At least $85 million is directly attributed to you,” the memo said.
Sacks actually revealed this information when they took part in last week’s All-in Podcast. The White House crypto emperor faced many allegations that he exploited his position for personal gain in cryptography.
“I made it clear that I paid the taxes before the first day and said there would be basically no disputes,” he said.
The sale, which was completed before the start of the second term of the President on January 20, 2025, included liquid crypto assets such as Bitcoin, Ethereum and Solana, as well as positions in the Bitise 10 Crypto Index Fund. Sacks also sold stocks held directly in public companies Coinbase and Robinhood, along with stocks in private digital assets companies.
Sacks has settled the benefits of his limited partners in crypto-centric investment funds, such as Multicoin Capital and Blockchain Capital. His company, Craft Ventures, also sold stocks in Multicoin Capital and Bitwise Asset Management.
Tech investors still maintain some exposure to the digital asset industry through venture capital funds managed by craft ventures. These remaining holdings include Bitgo and Lightning Lab stocks representing less than 2.5% and 1.2% of total investment assets, respectively.
As a special civil servant, Sachs was not subject to the tax cuts normally available through the certificate of sale. He also began selling interest in around 90 venture capital funds, including Sequoia, which could hold minor digital assets positions.
The White House has granted a limited ethics exemption to the bag to participate in digital asset policy issues, despite maintaining small holdings of private crypto companies through craft ventures.
Sacks agreed not to acquire new digital asset holdings during his tenure. This is limited to 130 days each year as a special government employee.
